Banking Law

This oil law job is rigged.

This FT/LT oil law job is rigged.

* Will we have a nominee for Attorney General Eric Holder’s position “shortly after the election”? Per a White House spokesperson, our lame-duck Congress might just get a chance to confirm America’s next top lawyer. [WSJ Law Blog]

* In the wake of an associate general counsel’s suicide last week, Deutsche Bank has taken steps to further separate its legal and compliance teams to tamp down on its “legal and regulatory headaches.” Well then. [Corporate Counsel]

* David Tresch, Mayer Brown’s former chief information officer, was sentenced to 27 months in prison for his role in bilking the firm out of $4.8 million. Hey, it could’ve been worse, says his lawyer, whose client got off relatively easily. [Am Law Daily]

* Thanks to the rise of the “energy phenomenon,” law schools have started to offer various classes focusing on oil and gas law in the hopes of making their graduates employable. Good luck with that. [Times Online]

* If you plan to retake the LSAT, you need to study smarter. Don’t sweat it too much, though — it’s not like you’ve got a lot of competition trying to apply to law school. [Law Admissions Lowdown / U.S. News]

depressed head in handsSometimes, lawyers struggling with difficult cases resort to the worst when unable to conquer their legal challenges.

Late last week, Calogero Gambino, a 41-year-old associate general counsel at Deutsche Bank, was found dead in his home, hanging from a stairway bannister with a rope around his neck.

Gambino is the second Deutsche Bank executive to commit suicide this year…

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Supreme Court SCOTUS photo by David Lat* Some observers do not appreciate the U.S. Supreme Court’s recent Delphic pronouncements on a slew of hot-button issues. [New York Times]

* The New York Court of Appeals does international banks a solid — but is it bad policy? [Reuters]

* Fired Canadian radio host Jian Ghomeshi hires Dentons to sue CBC, which dismissed him over allegations of sexual misconduct. [American Lawyer]

* Is post-Citizens United money polluting judicial elections? [New York Times via How Appealing]

* An Englishman sues Sotheby’s, alleging that the auction house negligently failed to inform him that a painting he sold through Sotheby’s was by Caravaggio and worth millions. [BBC]

* If you’re a lawyer looking for extra income, check out Avvo’s new service, which offers consumers on-demand legal advice for a fixed fee. [Law Sites via ABA Journal]

* Is it reversible error for a judge to refuse to ask voir dire questions related to sexual-preference prejudices? [Southern District of Florida via How Appealing]


In the not-so-new normal, clients continue to refuse to pay full freight for inexperienced first-year attorneys to work on their legal matters — or, as one law firm recently mused, “client demand for first year associates has declined.”

What’s a Biglaw firm to do?

It seems that one firm has found a pretty good solution to this problem: make someone else hire those lawyers to work as junior in-house lawyers, and then bring them into the fold as associates after they’ve gained some real-world experience.

Which Biglaw firm has teamed up with a big bank — the biggest bank in the U.S. — for this program?

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[T]he solution to the knot [of complex legal problems] has been to add more string. Simply adding more lawyers and compliance professionals will only create far worse, more complicated and more costly problems.

Geoffrey A. Moore, author of the bestselling Crossing the Chasm (affiliate link) and other books, and Mark Harris, CEO of Axiom, in an interesting DealBook piece about the need to rethink the current model for delivery of legal services.

It is perhaps a truism by now, but if you are doing business with China, you need to be on your guard against fraud. Recently, an old chestnut known as “the switched bank account scam” has seen a dramatic resurgence, because it has become so easy to perpetrate and so difficult to prevent.

Here’s how bad things have gotten: a year ago Interpol released a Purple Notice detailing the scammers’ M.O., but my firm’s China lawyers are receiving even more frantic phone calls now than last year….

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You can’t blame a bank for trying. Putting on a happy face is part of the job of being a high-profile financial entity, especially after the financial powers exhausted all their goodwill with the American people when they crashed the global economy and used taxpayer dollars to bail themselves out.

But when a bank touts its 4Q profits — and good for them for that triumph — the media doesn’t have to accept the bank’s rosy financial picture at face value. Especially when a quick trip over to the Annual Report reveals that outside of press releases, the bank has some serious concerns over its own financial situation…

double red triangle arrows Continue reading “Bank Gushes About 4Q Profits — These SEC Filings Sound A Lot More Ominous”

As we’ve chronicled in these pages, the powerhouse firm of Weil Gotshal has been experiencing some upheaval. The big summer layoffs have been followed by a steady stream of partner departures, mainly from offices outside the power center of New York.

Many of the defections have taken place in Texas, but Weil’s Washington outpost has also been hard hit. Last month, that office lost three IP litigators to Greenberg Traurig. Said one of our sources, “IP was one of Weil D.C.’s most profitable practice groups. Expect downsizing or partner acquisition from another firm to compensate for loss.” And that wasn’t all. Earlier this month, BuckleySandler snagged Walter Zalenski, a prominent player in financial services regulatory law, from Weil.

Today brings news of another departure from Weil in Washington. Who is leaving now, and where is he going?

double red triangle arrows Continue reading “As The Weil Turns: A Promising Young Partner Packs Up And Moves On”

* Stan Stallworth, the Sidley partner accused of sexual assault, has hired a prominent criminal defense attorney to represent him in the case while the firm stands by its man. [Am Law Daily]

* Wall Street regulators are considering approval of a formidable version of the Volcker Rule that would ban banks from proprietary trading. Voting occurs later today. [DealBook / New York Times]

* Skadden Arps has asked a judge to toss an FLSA lawsuit filed against the firm by one of its document reviewers. Aww, silly contract attorney — there’s no way you’re getting overtime pay. [Law360 (sub. req.)]

* Weil Gotshal is still leaking like a sieve. This time, Bruce Colbath, a partner from the firm’s New York office, defected to the Antitrust and Trade Regulation practice group at Sheppard Mullin. [Market Wired]

* Lawyerly Lairs, China Edition: Raymond Li, chair of the Greater China practice at Paul Hastings, just purchased a townhouse for about $95 million — and paid “mostly in cash,” homie. [Wall Street Journal]

* They’re extremely tardy to the party, but if the ABA Section of Legal Education and Admissions to the Bar gets its way, law schools will be subject to random audits of their employment stats. [ABA Journal]

* It’s a tough job that “can really beat you down,” but an organization called Gideon’s Promise just made it a whole lot easier for law students to secure jobs as public defenders in the South. [National Law Journal]

‘Gee, my life is so meaningful. Thanks a lot, law school!’

* Despite the fact that the overall demand for legal work was down by five percent during the first nine months of the year, law firms still raised their hourly rates. Hey, what can we say? Math is hard. [Am Law Daily]

* After instructing his lawyers not to speak during what he called a “sham sentencing,” Whitey Bulger received two life sentences plus five years. Don’t worry, the appeal won’t be a sham. [National Law Journal; CNN]

* Attention c/o 2015: the New York City Bar Task Force is considering throwing commercial paper out the window in favor of administrative law. Something something arbitrary and capricious. [New York Law Journal]

* What is law school for, aside from collecting gigantic mountains of non-dischargeable student loan debt? Apparently it’s for creating a more meaningful life, because with poverty comes clarity. [WSJ Law Blog]

* In the very near future, you might need a license to conduct business with virtual money like bitcoin. The Brothers Winklevii are probably already preparing their paperwork to file. [DealBook / New York Times]

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